Monday April 22, 5:04 pm ET - Stackpole Limited and Miba AG announce cooperation agreement
Stock Symbol - TSE: SKD
Press Release
SOURCE: Stackpole Limited; Miba AG
TORONTO, April 22 /CNW/ - Stackpole Limited and Miba AG have today announced their intention to cooperate to provide their global automotive customers with a solution for engineering, development, production and distribution in North America and Europe.
Effective April 8, 2002, the companies will combine their resources on a case-by-case basis to provide cooperative development of powder metal products in response to the specific needs of their customers for global platforms. The first example of such cooperation is an engine main bearing cap for a North American automotive manufacturer that has been developed by Miba and will be produced by Stackpole commencing in 2003. Annual sales for this program are expected to exceed $8 million once full production volumes are achieved.
Robert Lander, President & CEO of Stackpole Limited: "We are extremely pleased to be working with Miba who is highly regarded in the automotive powder metal industry, particularly in the European market. The main bearing cap program provides Stackpole entry into a new and growing market and is the first example of how we will leverage the respective strengths of both companies to best serve our customers and grow our market share."
Peter Mitterbauer, President and CEO of Miba Group: "This cooperation with Stackpole is an important further step in the globalization of Miba Sinter Group. The potential for extensive cooperation between Stackpole and Miba in the North American market opens additional strategic market potentials for Miba within NAFTA. We are now able to serve our customers globally -- with local presence and with strategic alliances."
Stackpole Limited is one of the world's leading manufacturers of highly engineered, technologically differentiated, automotive powertrain systems and components. Stackpole has more than 1,500 highly skilled employees at five operating plants in Canada and the United Kingdom. Stackpole is a public company and its common shares are listed and traded on The Toronto Stock Exchange under the symbol SKD.
Miba Sinter Group is a globally leading sintered component manufacturer and has been a proven partner of the international automobile industry for decades. As one of the market and technology leaders Miba Sinter Group has more than 1,300 highly skilled workers operating in production sites and sales offices in seven countries. A wide range of products, advanced expertise in development and above average production know-how and capacities, coupled with excellent quality are part of the comprehensive understanding of innovation and performance of Miba Sinter Group. The results of Miba's business year 01/02 will be presented on April 23, 2002. For details see www.miba-at.com.
Certain information regarding Stackpole set forth in this document, including management's assessment of the Company's future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks; as a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
For further information
Mr. Gary S. Love, Vice President, Finance and Chief Financial Officer, (905) 829-2050 (Ext. 225), e-mail: glove@stackpole.on.ca
Miba AG/Corporate Communications: Bernhard Reisner, Dr.-Mitterbauer-Str. 3, 4663 Laakirchen, Tel.: +43/7613/2541-1117, Fax: +43/7613/2541-1010, bernhard.reisner@miba-at.com, www.miba-at.com
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